DislikedExample of a Swing Point Being Respected and how Jarroo's level not only kept us out after price violated the HCR but tipped us off with the hourly signature and the IB. {image} {image}Ignored
This is a beautiful example of Tom's (The Wizard) Swing Failure Pattern (SFP). This Bearish SFP also gives us a Bearish Bias for my HCR levels too. or other S/R levels. Sure, Highest Close of Resistance (HCR) levels do give a bias of Resistance but the Bearish SFP adds confluence and strength to the HCR level. . .all we need now is an additional confirmation of Hourly and/or 4 Hour Signature(s).
Yes, the SFP can be traded on the Hourly too (chart 2) . . .actually any TF will do . .
Please seek out Tom (The Wizard) for more information on the Swing Failure Pattern (SFP) at the Fail Better thread . .
http://www.forexfactory.com/showthread.php?t=287794
You'll be glad you did . .
Jim
Indicators show the past. Price Action "Indicates" the future.